Brazilian President Luiz Inácio Lula da Silva said Thursday that he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes

Lula said he will trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail.

President Donald Trump announced that he would impose a 50% tariff on goods imported to the United States from Brazil. Trump said in a post on social media that the tariff would take effect Aug.